Standard Chartered is considering adding a sharesave plan and a range of investment funds for higher-rate taxpayers to its corporate wrap platform.
The bank wants to provide more options for staff affected by tax changes, including the cut in the annual tax-free pension contribution allowance from £255,000 to £50,000.
David Curtis, group head of pensions and benefits, said: “The idea is to extend to sharesave and give [high earners] access to a broader wealth proposition, which will help those who are caught by the allowance. It is for people who hit the £50,000 and want to save into other products.”
The bank’s corporate wrap platform, provided by Standard Life, enables staff to access saving products alongside its pension scheme. These include a self-invested personal pension, a cash individual savings account (Isa) and a stocks and shares Isa. Staff can invest part of their employer-funded pension contributions into these products, but must pay at least 9% into the trust-based defined contribution (DC) scheme.
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